Update: Ansongo Manganese Project - Completion of Site Inspection for Due Diligence, Project and Transaction Summary

VANCOUVER, March 5, 2014 /CNW/ - Transatlantic Mining Corp (TSX.V: TCO) ("Transatlantic") is pleased to announce that together with technical consultants Coffey International it has recently completed a successful site visit to Ansongo for due diligence purposes. It would also like to summarise the project and key terms of the proposed transaction.

Project Summary

Investment Opportunity

Fully Permitted Mine

Offtake Partners in Place

Transatlantic has option to acquire up to 70% of the project, making it majority owner of one of the world's largest high grade Manganese deposits

Backed by Strategic Investors

POSCO, the world's 5th largest steel producer with 39.9 million metric tons of steel production in 2012

Hengxing, a leading Chinese Manganese importer that consumes approximately 800,000 metric tons of imported Manganese ore per annum

Element Commodities, a Hong Kong based Commodity Trading House with international expertise in the sales and distribution of steel related raw materials

World Class Manganese Project

Previous production with existing stockpiles at site

Exploration upside with eight observed outcropping hills (up to 100 metres in height) over 25km structure, six are along strike of main deposit yet to be drilled

30 year Exploitation License (from 15/07/2011) over 212 km 2 tenement

Road, Rail & Port Infrastructure

Road/Rail

All year round road access & Multiple routes to market

Ansongo to Niamey Dry Port 346kms

Ansongo to Burkina Faso rail spur 400kms

Very good quality road to Ansongo (built by European Union)

Low CostTrucking

Low cost trucking due to backhaul logistics

2 million metric tons per annum of freight capacity returning to port from Niamey*

Approximately ~US$130/Mt from Ansongo to CIF China for scaled production (includes material handling, port, shipping and insurance).

Transatlantic will pay Tassiga Ltd (subject to shareholder approval) US$3.5m in cash and issue to Tassiga 35 million shares, and an option to purchase an additional 5 million shares for a consideration of CAD$1 at such time as the price of Transatlantic's common shares trading on the TSX Venture Exchange is CAD$0.50 per share for at least 10 consecutive trading days.

As consideration Transatlantic will receive:

An initial 30% interest in the project,

A 2% royalty on all production from the project,

A 3 year option to acquire a further 40% interest in the project (with the option exercise price being pro rata 2 million Transatlantic common shares for every 1% of the project, or equivalent cash consideration if mutually agreed),

Management control of the project.

Recent due diligence conducted by Coffey International including a site visit and sampling has confirmed the potential of historical resource estimates. A follow-up drill program has been prepared and budgeted accordingly.

Transatlantic Mining Corp. is a mineral exploration company focused on becoming the next diversified industrial metal producer. The Company's holdings include an 88% interest, in the Gnaweeda Gold Project in Western Australia, an option to earn an 80% interest in AMCOR's Monitor Copper, Gold and Silver project in the Coeur D'Alene Mining District in Idaho and an option to earn up to 70% of the Ansongo Manganese Project in Mali, West Africa.